Hongshi Holdings to set up cement plant in Nepal
Nepal has agreed to a $360 million Foreign Direct Investment (FDI) proposal made by China´s Hongshi Holdings to establish a cement plant in Nepal in partnership with Nepal´s Shiva Cement. This is the largest FDI pledge yet from China. Hongshi Holdings and Shiva Cement reached an agreement in March 2015 to set up a cement plant in Nepal. As per the agreement, Hongshi Holdings will invest 70 per cent in the project, while the Shiva Cement will invest the remaining 30 pre cent. According to Nepal´s Cement Manufacturers´ Association, there are more than 40 cement plants in the country and domestic products only account for 85 per cent of domestic consumption.